Renaissance Technologies LLC Increases Position in Boston Scientific Corporation $BSX

Renaissance Technologies LLC increased its holdings in Boston Scientific Corporation (NYSE:BSX) by 32.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,152,005 shares of the medical equipment provider’s stock after acquiring an additional 769,300 shares during the period. Renaissance Technologies LLC owned about 0.21% of Boston Scientific worth $197,788,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of BSX. Norges Bank bought a new position in Boston Scientific in the 4th quarter valued at $2,199,395,000. Assenagon Asset Management S.A. raised its stake in shares of Boston Scientific by 133.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 10,057,936 shares of the medical equipment provider’s stock worth $631,135,000 after purchasing an additional 5,751,760 shares during the period. Maverick Capital Ltd. purchased a new position in shares of Boston Scientific in the 4th quarter worth about $280,735,000. Arrowstreet Capital Limited Partnership grew its position in Boston Scientific by 25.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 13,891,668 shares of the medical equipment provider’s stock valued at $871,702,000 after buying an additional 2,856,040 shares during the period. Finally, Farallon Capital Management LLC raised its position in Boston Scientific by 56.7% in the fourth quarter. Farallon Capital Management LLC now owns 7,439,564 shares of the medical equipment provider’s stock worth $709,362,000 after acquiring an additional 2,693,007 shares during the period. 89.07% of the stock is currently owned by institutional investors.

Boston Scientific Stock Up 1.6%

Shares of NYSE BSX opened at $44.26 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.90 and a debt-to-equity ratio of 0.42. The company has a market cap of $65.78 billion, a P/E ratio of 18.52, a P/E/G ratio of 0.84 and a beta of 0.58. Boston Scientific Corporation has a 52 week low of $42.20 and a 52 week high of $109.50. The business has a 50-day simple moving average of $47.21 and a two-hundred day simple moving average of $64.06.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, April 22nd. The medical equipment provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.79 by $0.01. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.19 billion. Boston Scientific had a net margin of 17.29% and a return on equity of 19.17%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the firm earned $0.75 EPS. Research analysts anticipate that Boston Scientific Corporation will post 3.35 earnings per share for the current fiscal year.

Boston Scientific announced that its Board of Directors has initiated a stock buyback program on Monday, May 18th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the medical equipment provider to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Cheryl Pegus purchased 1,770 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $56.49 per share, with a total value of $99,987.30. Following the acquisition, the director directly owned 1,770 shares of the company’s stock, valued at approximately $99,987.30. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David C. Habiger acquired 2,250 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were bought at an average cost of $55.92 per share, with a total value of $125,820.00. Following the completion of the acquisition, the director directly owned 13,878 shares in the company, valued at $776,057.76. The trade was a 19.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 9,800 shares of company stock worth $554,012. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

BSX has been the subject of a number of research reports. Leerink Partners reduced their target price on shares of Boston Scientific from $87.00 to $74.00 and set an “outperform” rating for the company in a research report on Thursday, May 28th. Piper Sandler restated an “overweight” rating and issued a $65.00 target price on shares of Boston Scientific in a research note on Friday, June 12th. BTIG Research reaffirmed a “buy” rating and set a $65.00 price target on shares of Boston Scientific in a research report on Tuesday, June 16th. Raymond James Financial reiterated an “outperform” rating and set a $88.00 price target (down from $97.00) on shares of Boston Scientific in a research note on Monday, March 30th. Finally, Jefferies Financial Group lowered their price objective on Boston Scientific from $100.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.84.

Boston Scientific Profile

Boston Scientific Corporation (NYSE: BSX) is a global medical device company that develops, manufactures and markets a broad portfolio of products used in less-invasive medical procedures. Founded in 1979 by John Abele and Peter Nicholas, the company is headquartered in Marlborough, Massachusetts, and focuses on technologies that enable physicians to treat a wide range of cardiovascular, digestive, urologic, pulmonary and chronic pain conditions without open surgery.

Boston Scientific’s activities span product development, clinical research, regulatory affairs and commercial sales.